Asia benzene prices hit 23-week low on poor buying sentiment

SHANGHAI (ICIS)--Spot benzene prices in Asia fell to a 23-week low on Tuesday, in tandem with the lower US and China prices, market players said.

The weak prices in China and overseas market weighed on buying sentiment, they added.

On 19 March close, spot benzene prices were assessed as $1,250-1,260/tonne (€963-970/tonne) FOB (free on board) Korea for April cargoes and $1,235-1,250/tonne FOB Korea for May parcels, marking a eight successive full-day sessions of price decline, with a total cumulative loss of $85.50/tonne, or 6.4%, according to ICIS.

Absence of export cargoes from Asia’s major exporter South Korea to the US from 1-16 March depicted subdued demand from the US, because of the firm closure of arbitrage between Asia and US, industry players said.